Cain - the system needs to be in neutral for the VPort to power off or changes modes - so yes, it the signal its is getting - or the last one it got before the radio shut off was not neutral - it will show on with the lights.
Don't have a lot of experience with that Hobbywing motor, not many have mentioned it to me - so yes, finding what it likes is a little trial and error. The good thing about a system like ours - it gives you lots of room to make a adjustments, try things and get the exact feel you want. The bad thing (if there was one) -- copy that last sentence and insert it here. The way I look at it, if you want to go as fast as everyone else you use what they are using. If you want to make your stuff go faster for you -- you adjust it to your liking, the way you want it to work.
BTW, you can make those same throttle frequency adjustments in Blinky mode - they work the same exact way.